something interesting

<  BACK TO Market Analysis

PIG TODAY-USD weakness persists in Asia, US data in focus

Trump trade unwinding extended into Asia, with the US dollar and treasury yields accelerating overnight downslide, after Trump jawboned the US currency late-Wednesday. Amidst broad USD softness, risk-off sentiment too drove markets in Asia, as safe-haven gold and yen clinched multi-month highs at the expense of risk assets such as equities and bond yields.

Risk-aversion was mainly induced by renewed concerns on the Korean peninsula, after foreign media in N.Korea were told that North Korea’s nuclear test site appears “primed and ready,” while the US Govt sources noted that that N. Korea’s oil imports, cargo ships, state airline are among the possible targets in the event of US-led sanctions efforts on North Korea.

Calendar-wise, the Aussie benefited the most amid solid Aus jobs report and upbeat Chinese trade figures, while the Kiwi also track the AUD higher, despite risk-off market profile.

Later today, focus remains on the US macro news, in absence of significant market moving events lined up for release in the EUR calendar. Meanwhile, the German final CPI and BOE credit conditions survey will keep EUR, GBP traders somewhat busy. In the NA session, we have the Canadian manufacturing sales and NHPI data. From the US docket, PPI, consumer sentiment and jobless claims will be eyed. Besides, BOC Governor Poloz’s speech will also hog the limelight later today.

Main topics in Asia

USD/JPY drops below 109.00 as the 10-year treasury yield hit 5-month low

Offered tone around the US dollar gathered pace, pushing the USD/JPY pair to a session low of 108.81 as Trump’s dovish comments on the interest rates pushed the 10-year treasury yield to a 5-month low of 2.24%.

Trump trade fades: Gold trades at levels last seen on Nov 10

Gold is back at the levels last seen on November 10, suggesting the Trump Trade has run out of steam.

Australian March employment upbeat across all indicators

Australian employment report showed a dramatic improvement across all indicators in the month of March, with the employment change at 60.9k vs 20k exp and 2.8k prior.

China’s March trade data (Yuan terms): A big beat, but imports ease

China's trade balance for March, in Yuan terms, came in at +164.3 billion CNY vs 75.80 bn expected and -60.36 bn last. Exports came at 22.3% y/y vs 8% expected and 4.2% last, while imports were +26.3% y/y vs 15.0% expected and 44% last.

Source: fxstreet.com

Trump trade unwinding extended into Asia, with the US dollar and treasury yields accelerating overnight downslide, after Trump jawboned the US currency late-Wednesday. Amidst broad USD softness, risk-off sentiment too drove markets in Asia, as safe-haven gold and yen clinched multi-month highs at the expense of risk assets such as equities and bond yields.

Risk-aversion was mainly induced by renewed concerns on the Korean peninsula, after foreign media in N.Korea were told that North Korea’s nuclear test site appears “primed and ready,” while the US Govt sources noted that that N. Korea’s oil imports, cargo ships, state airline are among the possible targets in the event of US-led sanctions efforts on North Korea.

Calendar-wise, the Aussie benefited the most amid solid Aus jobs report and upbeat Chinese trade figures, while the Kiwi also track the AUD higher, despite risk-off market profile.

Later today, focus remains on the US macro news, in absence of significant market moving events lined up for release in the EUR calendar. Meanwhile, the German final CPI and BOE credit conditions survey will keep EUR, GBP traders somewhat busy. In the NA session, we have the Canadian manufacturing sales and NHPI data. From the US docket, PPI, consumer sentiment and jobless claims will be eyed. Besides, BOC Governor Poloz’s speech will also hog the limelight later today.

Main topics in Asia

USD/JPY drops below 109.00 as the 10-year treasury yield hit 5-month low

Offered tone around the US dollar gathered pace, pushing the USD/JPY pair to a session low of 108.81 as Trump’s dovish comments on the interest rates pushed the 10-year treasury yield to a 5-month low of 2.24%.

Trump trade fades: Gold trades at levels last seen on Nov 10

Gold is back at the levels last seen on November 10, suggesting the Trump Trade has run out of steam.

Australian March employment upbeat across all indicators

Australian employment report showed a dramatic improvement across all indicators in the month of March, with the employment change at 60.9k vs 20k exp and 2.8k prior.

China’s March trade data (Yuan terms): A big beat, but imports ease

China's trade balance for March, in Yuan terms, came in at +164.3 billion CNY vs 75.80 bn expected and -60.36 bn last. Exports came at 22.3% y/y vs 8% expected and 4.2% last, while imports were +26.3% y/y vs 15.0% expected and 44% last.

Source: fxstreet.com

lastest Articles

Market Analysis
Forex Today: Stocks' strength, dollar downing face Non-Farm Payrolls test as Trump endorses masks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE's Haskel: Activity appears to be coming back faster than anticipated
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
GBP Bank Account
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Gold shines, markets look for direction after a successful Q2, ahead of busy start to Q3
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold eases below $1770 level, downside seems limited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Europe fights coronavirus and stuns the dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Markets attempt to shrug off grim coronavirus developments
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Jitters Continue into Busy Week
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index clings to gains near 97.50 ahead of data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Lagarde: Economic recovery will be a complicated matter
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold sticks to the positive outlook
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Price Analysis: Focus now shifted to 1.1170
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominates, gold shines as coronavirus rages in the US, triple data release eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Price Analysis: Rising bets for a test of 1.1400 and beyond
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD recedes from tops above 1.1300
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Falling US Real Yields fuels bull trend towards new highs at $1921 – Credit Suisse
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk rides the Navarro rollercoaster, Eurozone/ UK PMIs, virus stats in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE is seen increasing further the size of QE – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk-recovery back in play, US dollar recedes with second-wave virus fears
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Markets play tug-of-war with Covid-19 concerns and reopening momentum
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus, weak data outweigh reopening optimism, BOE, jobless claims eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB's de Guindos: Better if EU aid is distributed via grants rather than loans
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: XAU/USD slumps toward $1,710 on improving risk sentiment
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar up as health, geopolitics replace consumer optimism, Powell, COVID-19 data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold clings to modest daily gains, around $1730 area
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Double stimulus talk downs dollar ahead of Powell's power-play, US retail sales
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus concerns trigger dollar domination, commodity currencies climb down
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Market Recovery Under Threat?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Houston, we have a problem, US coronavirus, Fed gloom, crash markets, consumers eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Obsessed
Killing Hope ( Before it Kills You )
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Fails at Resistance as Federal Reserve Expands Lending Program
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Can the dollar lick its wounds? Fed speculation, geopolitics, and data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Brexit, coronavirus and protests to pressure the pound
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: The beginning of the end, $1600 by Q3
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar looking for a new direction after the excellent Non-Farm Payrolls, Lagarde eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – The Recovery Continues
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: 1.1333 initial target reached, aims 1.1495 March peak – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Cautiously positive
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk-on mood continues downing the dollar and yen, will Non-Farm Payrolls change that?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: ECB leaves key rates unchanged, expands PEPP by €600 billion
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB press conference: Lagarde speech live stream – June 4
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar struggles to recover as US protests calm, data beats, all eyes on ECB stimulus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Room for further gains, albeit with a temporary retreat
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: XAU/USD drops back to $1720 amid risk-on rally in equities
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: US unrest? Stocks remain restless, extend surge, dollar dives to new lows, top NFP hints eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: XAU/USD finds resistance near $1,745, drops toward $1,730
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Russian oil output falls to 9.39 million bpd in May, close to OPEC+ goal – Interfax
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Brexit breakthrough and US demonstrations over George Floyd death to boost the pound
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Sino-US Tensions Come to the Fore
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Look neutral near-term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Only a correction? Dollar trying to lick its wounds amid Sino-American tensions
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Archiving Inactive Accounts & Server Boost
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Trump urges states to open ‘ASAP’ as Dow surges
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Battle lines well-defined, can it break higher?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Vaccine, Opening optimism overwhelms dollar, Sino-American tensions ignored (for now)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: At risk of extending its slide
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Russia to temporarily ban oil product imports – Interfax
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar in demand amid high Sino-American tensions, thin liquidity expected
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Reopening Momentum and China in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOE’s Ramsden: It is reasonable to have an open mind on negative rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOMC minutes: Ready to pump in extra stimulus – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil prices tumble alongside global equities amid fears about China turbulence
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
PBoC keeps extra easing on the table – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index Price Analysis: Door open to further retracements
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Forecast: XAU/USD Rally Loses Steam
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Crude Oil Stocks Change at -5 million barrels in week ending May 15
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Investors continue buying the yellow metal
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar decline resumes after breather due to vaccine doubts, Fed remains in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Powell speech: Continuing to look at ways to accommodate additional borrowers
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Reasons for the US dollar weakness
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Needs to recapture $1,747 to resume rally
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
After two months, regulators remove short-selling bans
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: The downside is more appealing than the upside
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Play down Powell and risk-on, markets also ignore Sino-American tensions, gold shines
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – More Easing on the Way
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK: Major downgrade to the GDP forecast – ABN Amro
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
RBNZ: Rates on hold, QE expanded – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominates after Powell's push back, darkening global clouds, ahead of claims
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EIA: US Crude Oil Stocks Change at -0.7 million barrels in week ending May 8
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: FOMC Chairman Powell says additional policy measures may be needed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Latest: EUR/USD Could Break Lower, Powell Speech in Focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil storage crisis fading on global production cuts and recovering demand
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed's Bullard: Cannot continue economic shutdown for too long
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Sustains the bounce above $1700 ahead of US CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold trades with modest gains, just above $1700 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar in Favour vs EUR/USD & GBP/USD, CHF Bulls Rise - COT Report
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Markets shrug off horrible US jobs data, Bitcoin tumbles ahead of halving, lockdowns eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Reopening economies appear to be the only trade in town
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold retreats from daily highs, steadies above $1,710
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: A drop in value does not mean it is a bargain
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
NFP: The worst report is the best for the US dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Australia heads for worst GDP contraction since at least 1960
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold rallies to fresh highs for the month as US dollar and US yields sink
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed's Kashkari: True unemployment rate is around 23-24%
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index Price Analysis: Increasing bets for a retest of 101.00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Gains remain on the table near-term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump stokes tensions with China, euro licking its wounds, ADP Non-Farm Payrolls eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Stimulus trade losing momentum?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: EUR/USD breaks above 1.10 on dollar weakness, levels to watch
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Canada: Markit Manufacturing PMI slumps to 33 in April vs. 41.5 expected
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613